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Questions and Answers
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the:
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the:
- Federal Deposit Insurance Corporation (FDIC)
- State Banking Commission
- Federal Reserve Bank
- U.S. Treasury Department (correct)
When a person brings an item to a pawnshop to obtain cash, the transaction is considered:
When a person brings an item to a pawnshop to obtain cash, the transaction is considered:
- A custodial payment
- A collateralized loan (correct)
- A sales agreement
- An unsecured loan
In personal finance, the term 'custodial payment' refers to:
In personal finance, the term 'custodial payment' refers to:
- A payment made to a bank for safekeeping of valuables
- A payment made by a guardian on behalf of a minor (correct)
- A payment made to a financial advisor for investment management
- A payment made to a retirement account
What type of loan is not backed by collateral?
What type of loan is not backed by collateral?
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The Federal Reserve Bank is responsible for:
The Federal Reserve Bank is responsible for:
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Study Notes
Banking and Finance
- Bank must notify the IRS when a person makes a deposit of $10,000 or more into a bank account.
- A transaction at a pawnshop, where a person brings an item to obtain cash, is considered a collateral loan.
- Custodial payment in personal finance refers to a type of payment where a third party holds and manages money on behalf of others.
- An unsecured loan is not backed by collateral.
- The Federal Reserve Bank is responsible for regulating and overseeing the banking system in the US.
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Description
Assess students' knowledge of economics and personal finance with this Semester 1 Exam at Amelia County High School. The assessment covers sections 3, 4, and 5, and is worth 60 possible points. The grading factor and test value are provided for accurate scoring.
